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Saturday, 26 May 12
DRY BULK SHIP OWNERS LOOKING TO CUT BACK ON TONNAGE SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
 The oversupply of dry bulk carriers has been the most prominent problem in the market today, pushing down rates and ‘strangling’ profitability. According to ICAP Shipping congestion of the dry bulk fleet at Australian, Brazilian, Indian and Chinese ports at the end of last week was just above the 60Mdwt mark. "This is the highest level we have seen for thirteen weeks (since the middle of February this year) and is equivalent to around 10% of the total fleet. Interestingly, congestion has risen across all of the sectors from Capesize to Handysize. Capes currently account for 37.7Mdwt of the total queuing at ports, growth of over 7% week-on-week, while Panamaxes account for around 11.8Mdwt, growth of just under 9% w-o-w. Interestingly the largest percentage increases in congestion were for Supramax and Handysize, where on a w-o-w basis it rose by 15% and 25% respectively.
Nevertheless, in terms of deadweight these two sectors combined still accounted for less than total Panamax congestion. Provided all other factors remain unchanged, increased congestion at ports should provide some support to freight rates based on simple supply/demand dynamics; specifically a tightening of tonnage supply" said ICAP Shipping.
In its latest weekly report, shipbroker Intermodal noted that 2011 was a fairly disappointing year for shipping, with a tremendously large mismatch between supply and demand for the dry bulk segment in particular. “This affected both market prices and freight rates which fell close to some of the lowest levels recorded. Prices for tonnage older than 15 years of age reached fairly close to the residual value of the vessel itself (its value in terms of steel). It has been widely regarded in the whole shipping community that the only solution would be to scrap all vessels built prior to the 90's. As a result there has been an immense surge of older tonnage heading towards scrapyards in Bangladesh, China, India, Pakistan and Turkey. During the same period last year 17.8m deadweight has left the world fleet providing the markets with 3.5m tonnes of steel. By the end of 2011 the total amount of carrying capacity sent for scrap had reached 44.2m dwt which is equivalent with 8,7m tonnes of steel. Unfortunately and despite the evident efforts to reduce the fleet size, the large order book kept the supply of vessels on the rise. Around 1,125 dry bulkers (above 20,000dwt) were delivered during 2011, while at the same time only 339 dry bulkers (above 20,000dwt) were sent for scrap” said Spyros Stavropoulos, Intermodal’s analyst.
He went on to mention that “the first five and a half months of 2012 have shown positive signs, as demolition volume has been higher than that seen during the same period last year. Up to now, 25.8m dwt of vintage tonnage has been subtracted from the world fleet, albeit the fall in demolition price levels noted during the past weeks. These encouraging numbers are showing that the shipping community is committed to reducing the world fleet. An example of this temperament are the Capesize bulkers being sent for demolition which are defying the slide in ship scrapping prices”.
Meanwhile, “South Asian yards are well stocked as the subcontinent’s monsoon season approaches, while weakening steel demand in China has made its yards cut back on purchases. Prices in South Asian yards have dropped to $440-445 per ldt for bulkers and $465/ldt for tankers, from $450/ldt and $475-490/ldt the previous week. Chinese yards’ offers are unchanged at $390/ldt for bulkers and $415/ldt for tankers. But that did not stop owners from sending their ageing Capesizes for recycling, amid a still-depressed freight market. Big ships and vessels with rich stainless steel content continued to outperform the ship recycling market. With rates falling by the day, it is advisable for owners to decide the fate of their vessels quickly and take the best price/buyer available, as otherwise they may find themselves chasing down the market.
The drop in prices is explained by the oversupply of demo candidates which has led to an only natural drop in scrap steel prices. We can only hope that the levels of demolition seen so far this year for dry bulkers continue and that a significant amount of the large order book of 1,219 dry bulk vessels scheduled for delivery in the remaining period of 2012 is not fulfilled” Intermodal concluded.
Intermodal had noted that "Hellenic ship owners still occupy the top position amongst buyers in the secondhand S&P market. In its latest report, Intermodal mentioned that “since January they have managed to pick up at least 70 vessels spending over $ 1.2 billion to do so. This is a large difference when compared to the Chinese which hold second place amongst buyers’ nationality, with only 42 vessels reported purchased so far and having spent less than half the amount of that spent by the Greeks. This is even more remarkable when one considers the general lack of financing observed in shipping, let alone that available in the now illiquid Greek market”. In his note, Intermodal’s George Lazaridis stated that “all this points to the fact that Greeks continue to hold a firm belief in the shipping markets, as many of have an extensive experience of the market cycles and are used to navigating through such troubled market conditions. This does not mean that all is well and that there haven’t been or aren’t going to be casualties along the way. After all these cycles provide a cleansing opportunity, removing mismanaged companies and owners while at the same time pushing market players to remain competitive and efficient in the service they provide" he mentioned in a relative report.
Source: Nikos Roussanoglou, Hellenic Shipping
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Tuesday, 12 June 12
ITACHA RESOURCES BUYS SARANA MARINE - INSIDER STORIES
Insider Stories reported that, coal mining company PT Itacha Resources, a joint venture between Anthoni Salim and Glenn Yusuf, announced that Itacha ...
Monday, 11 June 12
BAHANA FORECASTS THE COAL PRICES WILL FALL FURTHER
COALspot.com - Growing US coal supplies + low shipping costs = Asia as target.
According to Irwan Budiarto analyst at Bahana Securities, US ...
Monday, 11 June 12
ASIAN COAL TRADING COMMUNITY EMBRACES API 5 AND API 8
Press Release - The Asian coal trading community is embracing the API 5 and API 8 indexes for its swap contracts.
The API 5 index represents 5,50 ...
Sunday, 10 June 12
FREIGHT MARKET EXPECTED TO REMAIN WEAK FOR NEXT FEW WEEKS - VISTAAR
COALspot.com - The BDI continued to fall this week and down by 2.99 pct closing at 877 points.
The Cape index also was down by 5.78 pct closing a ...
Friday, 08 June 12
ESSAR ENERGY RECEIVES FINAL APPROVAL FOR INDONESIAN COAL BLOCK
COALspot.com - Essar Energy plc, the India-focused integrated energy company, today announced that it has received final ‘Pinjam Pakai’ ...
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- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Australian Coal Association
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
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